Pope in 2013 signed resignation letter in case of bad health

December 18, 2022 | 5:14 pm

ROME — Pope Francis revealed in a new interview published on Sunday that after he was elected in 2013, he signed a letter of resignation to be used if someday severe and permanent health problems made it impossible to carry out his duties.

Pope Francis, who turned 86 on Saturday and appears to be in good health except for a knee ailment, made the comment in an interview with the Spanish newspaper ABC.

The pope Francis said he gave the letter to then-Vatican Secretary of State Cardinal Tarcisio Bertone, who was a holdover from the previous papacy of Benedict XVI. Cardinal Bertone remained in the position for about six months after Francis was elected on March 13, 2013.

Pope Francis has often said he would resign if health impaired him from running the 1.3 billion-member Roman Catholic Church.

Pope Francis was asked if he believed an official norm should be established for cases when health problems or an accident impeded a pope.

“I have already signed my resignation. Tarcisio Bertone was Secretary of State. I signed it and I told him: ‘In case of impediment for medical reasons or whatever, here is my resignation’,” the pope Francis was quoted as saying.

“You have it. I don’t know to whom Cardinal Bertone may have given it, but I gave it to him when he was Secretary of State,” pope Francis said, adding he was revealing it for the first time in public.

In an interview with Reuters in July, pope Francis dismissed speculative reports his resignation was imminent and repeated his often-stated position that he might resign someday if failing health made it impossible for him to run the Church – something that had been almost unthinkable before Benedict XVI, now 95, resigned in 2013. It was the first papal resignation in six centuries.

Since July, the pope Francis has made three international trips – to Canada, Kazakhstan and Bahrain — and plans to visit Democratic Republic of Congo and South Sudan Jan. 31-Feb. 5.

He was to have made that trip last July but his knee problem forced its postponement. He now uses a cane for short walks and a wheelchair for longer indoor distances.

In the ABC interview, pope Francis said he believed Pope Paul VI (1963-1978) and Pope Pius XII (1939-1958) had signed similar resignation letters. Both pontiffs, however, died while in office. — Reuters

Elon Musk restores Twitter accounts of journalists but concerns persist

December 18, 2022 | 5:12 pm

Elon Musk reinstated the Twitter accounts of several journalists that were suspended for a day over a controversy on publishing public data about the billionaire’s plane.

The reinstatements came after the unprecedented suspensions evoked stinging criticism from government officials, advocacy groups and journalism organizations from several parts of the globe on Friday, with some saying the microblogging platform was jeopardizing press freedom.

A Twitter poll that Mr. Musk conducted later also showed that a majority of the respondents wanted the accounts restored immediately.

“The people have spoken. Accounts who doxxed my location will have their suspension lifted now,” Mr. Musk said in a tweet on Saturday.

Twitter did not immediately respond to a Reuters request for comment. A Reuters check showed the suspended accounts, which included journalists from the New York Times, CNN and the Washington Post, have been reinstated.

The U.N. human rights chief welcomed the reinstatements, but said he continued to have concerns.

“Twitter has a responsibility to respect human rights: @elonmusk should commit to making decision based on publicly-available policies that respect rights, including free speech. Nothing less,” Volker Turk, the United Nations high commissioner for human rights, wrote.

Donie O’Sullivan, a CNN reporter who had been among the journalists who were suspended and then reinstated, said he still could not tweet because the platform was demanding his removal of one of his posts. He said he would appeal.

Officials from France, Germany, Britain and the European Union had earlier condemned the suspensions.

The episode, which one well-known security researcher labeled the “Thursday Night Massacre”, is being regarded by critics as fresh evidence of Musk, who considers himself a “free speech absolutist,” eliminating speech and users he personally dislikes.

It also occurred amid an exodus of advertisers and as the company has slashed jobs. Sources familiar with the matter said there had been layoffs in Twitter’s engineering departments this weekend. The employees affected worked for the part of the company that kept the social media platform running and were told via email on Friday evening, The Information reported.

Shares in Tesla TSLA.O, an electric car maker led by Mr. Musk, slumped 4.7% on Friday and posted their worst weekly loss since March 2020, with investors increasingly concerned about his being distracted and about the slowing global economy.

Roland Lescure, the French minister of industry, tweeted on Friday that, following Mr. Musk’s suspension of journalists, he would suspend his own activity on Twitter.

Melissa Fleming, head of communications for the United Nations, tweeted she was “deeply disturbed” by the suspensions and that “media freedom is not a toy.”

The German Foreign Office warned Twitter that the ministry had a problem with moves that jeopardized press freedom.

ELONJET
The suspensions stemmed from a disagreement over a Twitter account called ElonJet, which tracked Mr. Musk’s private plane using publicly available information.

On Wednesday, Twitter suspended the account and others that tracked private jets, despite Mr. Musk’s previous tweet saying he would not suspend ElonJet in the name of free speech.

Shortly after, Twitter changed its privacy policy to prohibit the sharing of “live location information.”

Then on Thursday evening, several journalists, including from the New York Times, CNN and the Washington Post, were suspended from Twitter with no notice.

In an email to Reuters overnight, Twitter’s head of trust and safety, Ella Irwin, said the team manually reviewed “any and all accounts” that violated the new privacy policy by posting direct links to the ElonJet account.

“I understand that the focus seems to be mainly on journalist accounts, but we applied the policy equally to journalists and non-journalist accounts today,” Ms. Irwin said in the email.

The Society for Advancing Business Editing and Writing said in a statement on Friday that Twitter’s actions “violate the spirit of the First Amendment and the principle that social media platforms will allow the unfiltered distribution of information that is already in the public square.”

Mr. Musk accused the journalists of posting his real-time location, saying it amounted to providing “basically assassination coordinates” for his family.

The billionaire appeared briefly in a Twitter Spaces audio chat hosted by journalists, which quickly turned into a contentious discussion about whether the suspended reporters had actually exposed Mr. Musk’s real-time location in violation of the policy.

“If you dox, you get suspended. End of story,” Mr. Musk said repeatedly in response to questions. “Dox” is a term for publishing private information about someone, usually with malicious intent.

The Washington Post’s Drew Harwell, one of the journalists who had been suspended but was nonetheless able to join the audio chat, pushed back against the notion that he had exposed Mr. Musk or his family’s exact location by posting a link to ElonJet.

Soon after, BuzzFeed reporter Katie Notopoulos, who hosted the Spaces chat, tweeted that the audio session was cut off abruptly and the recording was not available.

In a tweet explaining what happened, Mr. Musk said “We’re fixing a Legacy bug. Should be working tomorrow.” — Reuters

New home for 2023? Move in to this RFO condo in BGC!

December 17, 2022 | 8:00 am

As 2023 draws near, we start to think about how we can better ourselves for the year ahead. We look back on how we can improve things surrounding all aspects of our lives, including our relationships, finances, and our well-being. Most times, looking to transfer to a new home at the start of the year comes to play.

So if you are in search for a home to welcome 2023, RLC Residences has one that’s ready for you. The Trion Towers lets you live near where you work so you can live a comfortable lifestyle. Here are multiple reasons why this ready-for-occupancy condo in BGC is the right home match for a better you:

Strategic Location

Start anew in a home where everything is within reach. The Trion Towers fits this statement perfectly – especially since this property is sitting at the heart of Bonifacio Global City (BGC) in Taguig.

With traffic now coming back to full scale, this means losing precious time and energy on the road as we go to our destination every day. If you live at The Trion Towers and you work within this business district, you can easily go to your office without spending too much time on the road. Instead, you can spend more time resting, bonding with friends and loved ones, and even fulfilling other hobbies or pursuits after work or during the weekends.

Aside from your workplace, it’s also easy to reach commercial centers, destination hubs, and other essential establishments within BGC. Known for its dynamic city life offerings, you can be in major malls and lifestyle hubs in just a few minutes coming from your place at The Trion Towers.

Spacious Homes

Another good thing about The Trion Towers is its expansive living spaces that are all ready for you. This means no more waiting for a long time to move in and call this place your own.

Depending on your needs, this condominium offers one-, two-, and three-bedroom units with balcony options. Ranging from 37 to 102 sqm., these generously-sized flats offer a comfortable home with a high ceiling where you can live conveniently and at ease.

32 Ready-to-Use Amenities

Given that The Trion Towers is a ready-for-occupancy property, you’ll be glad to know that you can immediately take use of its 32 facilities for fitness, leisure, and wellness. Indoor and outdoor amenities such as a fitness gym, an exercise and dance room, a boxing room, and an exercise porch are all set for you to kickstart your active lifestyle. Recreational activities can also be done in the Gaming Room, Outdoor Pools, Private Theater, Indoor and Outdoor Playscapes for children, Music Room, Landscaped Passion Garden, and more. As for relaxing amenities, the Tranquility Pool, Soothing Spa and Sauna Room, Yoga and Pilates Room, and Therapeutic Massage Room are also available for you.

Enticing Home Deals

Adding to the list of why The Trion Towers should be your home in the city are the exclusive promos and offers available for a limited time only. A 10% discount is offered for all units and reservations can be made for as low as P50,000. In addition, the special Early Move-In Promo is extended to select units under applicable terms and conditions.

Want to call The Trion Towers your city home? Get in touch with a Property Specialist today or visit rlcresidences.com to learn more. You can also check the latest updates on RLC Residences by following them on Facebook and Instagram.

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Consumers more pessimistic in Q4 — BSP

December 16, 2022 | 4:22 pm

inflation-market — Marketgoers purchase fresh vegetables at the Marikina Public Market, Oct. 10, 2022. — PHILIPPINE STAR/WALTER BOLLOZOS

CONSUMER and business sentiment declined in the fourth quarter due to elevated prices of goods, higher interest rates, and a weakening of the peso, according to the Philippine central bank.

The Bangko Sentral ng Pilipinas (BSP) on Friday said the consumer confidence index slipped to -14.6% from -12.9% in the third quarter, its 10th straight quarter of pessimism or since the -54.5% consumer outlook in Q3 2020, when the country locked down due to the coronavirus disease 2019 (COVID-19) pandemic.

However, this was higher than the -24% in fourth quarter last year.

Meanwhile, business confidence index fell to 23.9% from 26.1% in the prior quarter, marking its second straight decline.

“Consumers anticipated that interest and inflation rates may increase, the peso may depreciate against the US dollar, and the unemployment rate may decline in Q4 2022, Q1 2023, and the next 12 months,” the BSP said in a statement.

Consumer sentiment for the first quarter next year also worsened to 9.5% from 13.4% previously.

Consumers were also less upbeat on their long-term outlook, with the index falling to 21.7% for the next 12 months from 33.4%.

Although consumer sentiment for the next quarter and for the longer-term outlook were still positive, they were still less upbeat, BSP Department of Economic Statistics Senior Director Redentor Paolo M. Alegre, Jr. said in an online briefing on Friday.

“For consumers, they cited higher increase in prices of goods, low income, higher household expenses and fewer available jobs,” Mr. Alegre said.

Headline inflation rose to a 14-year high of 8% in November, from 7.7% in October. For the January-to-November period, inflation averaged 5.6%, below the BSP’s full-year forecast of 5.8%.

“In particular, consumers expected the inflation rate may rise to 5.9% for the next 12 months, breaching the upper end of the National Government’s inflation target range of 2-4% for 2022 and 2023,” the BSP said.

“Businesses expected that the peso may continue to depreciate against the US dollar and that the peso borrowing and inflation rates may continue to rise in Q4 2022, Q1 2023 and the next 12 months,” the central bank said.

The peso closed at P55.56 versus the US dollar on Friday, up by 12.5 centavos from its P55.685 finish on Thursday. Year to date, the peso has weakened by P4.56 or 8.2% from its P51 close on Dec. 31, 2021.

“Further, businesses expected that inflation may breach the upper end of the National Government’s 2–4% inflation target range for 2022–2023. In particular, firms were expecting that inflation may settle at 6.2% in Q4 2022, 6.1% for Q1 2023 and 5.9% for the next 12 months,” it added.

This quarter’s business sentiment of 23.9% fell from the 39.7% seen in the fourth quarter of 2021.

The business confidence index for the next quarter was at 31.3%, also lower from the 43.9% in the previous quarter.

Companies also grew less confident for the next 12 months, as the index decreased to 46.2% from 57.7%.

Businesses also expect access to lending would be tighter in the fourth quarter of 2022.

“Firms expected that their financial condition and access to credit would be tighter in Q4 2022 as their corresponding indices declined further,” the BSP said.

The Monetary Board has so far increased borrowing costs by 350 basis points since May to tame inflation, including its recent 50-bp hike on Thursday, bringing the key rate to 5.5%.

The central bank interviewed 5,499 consumers for the survey held Oct. 1-13, and 1,501 business owners for the survey held on Oct. 4-Nov. 22. — Keisha B. Ta-asan

Twitter suspends several journalists, Musk cites ‘doxxing’ of his jet

December 16, 2022 | 3:30 pm

Twitter on Thursday suspended the accounts of several prominent journalists who recently wrote about its new owner Elon Musk, with the billionaire tweeting that rules banning the publishing of personal information applied to all, including journalists.

Responding to a Tweet on the account suspensions, Mr. Musk, who has described himself as a free speech absolutist, tweeted: “Same doxxing rules apply to ‘journalists’ as to everyone else,” a reference to Twitter rules banning the sharing of personal information, called doxxing.

Mr. Musk’s tweet referred to Twitter’s Wednesday suspension of @elonjet, an account tracking his private jet in real time using data available in the public domain. Musk had threatened legal action against the account’s operator, saying his son had been mistakenly followed by a “crazy stalker.”

It was unclear if all the journalists whose accounts were suspended had commented on or shared news about @elonjet.

“Criticizing me all day long is totally fine, but doxxing my real-time location and endangering my family is not,” Mr. Musk tweeted on Thursday.

He had tweeted last month that his commitment to free speech extended “even to not banning the account following my plane, even though that is a direct personal safety risk.”

He tweeted on Thursday that there would be a seven-day suspension for doxxing, following that up with a poll asking Twitter users to vote on when to reinstate the doxxed accounts.

He then said he had offered too many options on the poll and would redo it, after results showed that some 43% voted for reinstating the accounts “now” — the largest share for any option.

Twitter did not immediately respond to a request for comment.

The suspensions echo chaotic actions at Twitter since Mr. Musk took over, including rapid firings of top management and thousands of employees, seesawing on how much to charge for Twitter’s subscription service Twitter Blue, and reinstating banned accounts, including that of former President Donald Trump.

Twitter now leans heavily on automation to moderate content, doing away with certain manual reviews and favoring restrictions on distribution rather than removing certain speech outright, its new head of trust and safety, Ella Irwin, told Reuters this month.

‘QUESTIONABLE AND UNFORTUNATE’

Among the journalist accounts suspended on Thursday was that of Washington Post reporter Drew Harwell (@drewharwell), who wrote on social media platform Mastodon that he had recently written about Musk and posted links to “publicly available, legally acquired data.”

Twitter also suspended the official account of Mastodon (@joinmastodon), which has emerged as an alternative to Twitter. Mastodon could not immediately be reached for comment.

Sally Buzbee, the Post’s executive editor, said Mr. Harwell’s suspension undermined Mr. Musk’s claims that he intended to run Twitter as a platform dedicated to free speech.

Mr. Harwell, however, was able to speak on a Twitter spaces conversation with fellow journalists late on Thursday evening, a chat that Mr. Musk himself briefly dropped in on.

“You dox, you get suspended. End of story,” Mr. Musk said on the chat as Mr. Harwell rejected the assertion that he had exposed Mr. Musk’s real-time location, saying he had simply posted about @elonjet.

Twitter updated its policy on Wednesday prohibiting the sharing of “live location information.”

The accounts of Times reporter Ryan Mac (@rmac18), CNN reporter Donie O’Sullivan (@donie), and Mashable reporter Matt Binder @MattBinder were also suspended, as was that of independent journalist Aaron Rupar (@atrupar), who covers US policy and politics.

Mr. Mac recently posted a number of Twitter threads on the @elonjet suspension and interviewed Jack Sweeney, the 20-year-old operator of the account.

A spokesperson for The New York Times called the suspensions “questionable and unfortunate. Neither The Times nor Ryan have received any explanation about why this occurred. We hope that all of the journalists’ accounts are reinstated and that Twitter provides a satisfying explanation for this action.”

CNN said it had asked Twitter for an explanation on the suspensions and would reevaluate its relationship with the platform based on that response.

The other reporters could not immediately be reached for comment. — Reuters

ChatGPT owner OpenAI projects $1 billion in revenue by 2024 — sources

December 16, 2022 | 2:54 pm

artificial-intelligence-3382507_1920 — STOCK PHOTO | Image by Gerd Altmann from Pixabay

ChatGPT, the new chatbot that is the talk of Silicon Valley, can spit out haikus, crack jokes in Italian and may soon be the scourge of teachers everywhere facing fake essays generated by the AI-powered technology.

But a question it can’t fully answer is this: How will OpenAI make money?

The research organization, co-founded by Elon Musk and investor Sam Altman and backed by $1 billion in funding from Microsoft Corp., is expecting its business to surge.

Three sources briefed on OpenAI’s recent pitch to investors said the organization expects $200 million in revenue next year and $1 billion by 2024.

The forecast, first reported by Reuters, represents how some in Silicon Valley are betting the underlying technology will go far beyond splashy and sometimes flawed public demos.

OpenAI was most recently valued at $20 billion in a secondary share sale, one of the sources said. The startup has already inspired rivals and companies building applications atop its generative AI software, which includes the image maker DALL-E 2. OpenAI charges developers licensing its technology about a penny or a little more to generate 20,000 words of text, and about 2 cents to create an image from a written prompt, according to its website.

A spokesperson for OpenAI declined to comment on its financials and strategy. The company, which started releasing commercial products in 2020, has said its mission remains advancing AI safely for humanity.

In a taste of what’s to come, startups including Synthesia and Jasper, the latter having relied on OpenAI’s tech, have drawn Fortune 500 companies to use their video-generation or AI copywriting tools, according to their websites. OpenAI has also attracted attention as an AI provider and potential Google search competitor, with ChatGPT answering queries for more than 1 million users so far.

Microsoft, providing OpenAI capital and computing power for its software, is a beneficiary. Asked about ChatGPT and whether Microsoft viewed such technology as experimental or strategic, its President Brad Smith told Reuters that AI has progressed faster than many predicted.

“We’re going to see advances in 2023 that people two years ago would have expected in 2033. It’s going to be extremely important not just for Microsoft’s future, but for everyone’s future,” he said in an interview this week.

Some investors expressed skepticism. Certain large venture-capital firms passed on backing OpenAI this year, questioning if it could justify a higher valuation or compete with rivals like Alphabet Inc-owned Google, sources familiar with its fundraise attempt who did not invest said.

A “capped-profit” structure that OpenAI created in 2019 also represented an unusual restriction for venture capital. OpenAI wanted to safeguard its mission by limiting backers’ returns to 100 times their investment, or less in the future.

Others may be doubling down. Microsoft this year has looked at adding to its stake, two other sources told Reuters and the Wall Street Journal previously reported. Its hope is to drive business for Microsoft’s cloud as more enterprises embrace AI.

MARKETING GURU
ChatGPT is based on what’s known as a large language model, trained with text data so it can answer prompts like a human. Similarly powerful technology that Google built and is narrowly testing with users led one of its engineers this year to say the software was sentient.

Reality is far from that, many scientists say. ChatGPT’s responses at times can be inaccurate or inappropriate, though it’s built to decline hateful prompts and improve with feedback. OpenAI warns users, ChatGPT “may occasionally produce harmful instructions or biased content.”

The potential to generate flawed answers is one reason why a big player like Google has guarded public access closely, concerned that chatbots could harm users and damage its reputation. Google declined to comment.

The caution has created a void that startups have sought to fill. A company called Cohere, run partly by ex-Googlers, is working on commercial products after a $125 million fundraise led by Tiger Global in February. Another, Adept, announced a $65 million raise in April, and Stability AI touted $101 million in funding after the August release of its text-to-image generator.

Among those building applications atop OpenAI has been Jasper, which says it has drawn 80,000 marketers to draft ads, emails, blogs or other content with its software. The fast-growing company is expected to double its revenue to about $80 million this year, a source familiar with the matter told Reuters. Its chief executive did not comment on the figure.

Gil Elbaz, co-founder of TenOneTen Ventures, said marketing represented one of the clearest businesses for today’s chatbots. CarMax Inc., for instance, has used OpenAI through Microsoft’s cloud to create thousands of customer review summaries for used cars that it is marketing, a case study on Microsoft’s website shows.

Victor Riparbelli, CEO of text-to-video startup Synthesia, said money so far is “in a lot of the more boring use cases.”

His London-based company has more than 20,000 customers including Amazon.com Inc. using its software, which can generate corporate training and product marketing videos, though longer term the goal is AI producing Hollywood-quality content, he said. Amazon confirmed its use of the technology.

Such startups risk OpenAI or Big Tech companies spotting lucrative applications and copying them, which is why Synthesia built its key software in-house. At the same time, application developers could win out financially if technology like OpenAI’s becomes a commodity, said Alan Cowen, chief executive at research startup Hume AI and a former Google researcher.

For now, OpenAI must determine how to sustain ChatGPT while shouldering what its CEO Altman described as “eye-watering” operating costs.

“I don’t think OpenAI intended to make a business out of ChatGPT. I think it functions as a demo … and a way to gather human feedback for free,” said Mr. Cowen. “Usage grew a lot faster than expected, so they are now contemplating monetization.” — Reuters

Building habits: Effective learning approaches for lawyers taking MCLE courses

December 16, 2022 | 2:50 pm

Without a doubt, lawyers are among the busiest professionals. They have among the most hectic daily schedules. That is why it is always a challenge for them to comply with certain requirements of the profession, particularly the Mandatory Continuing Legal Education (MCLE), which requires them to complete 36 hours of continuing legal education activities per compliance period (usually every three years).

Fortunately, the Supreme Court has started allowing MCLE compliance online — approved even before the onset of the ongoing pandemic and originally aimed at enabling older, differently-abled, and offshore-based members of the Integrated Bar of the Philippines to comply with Bar Matter No. 850 that will keep them abreast with the law, professional ethics, and enhanced standards of the practice.

In April 2022, the Supreme Court even extended the deadline for MCLE compliance for the current (seventh) compliance period, which now lasts from April 15, 2019 to April 14, 2023. The move was due to the restrictions and other setbacks brought about by the ongoing pandemic.

Changing perceptions about MCLE

Moreover, institutions facilitating MCLE courses have also become more flexible and creative in helping make completion of the requirement a breeze. Ahead of those centers is ACCESS MCLE, the pioneer and principal proponent of online MCLE offerings in the country.

“It has always been our goal to change the way lawyers look at MCLE,” said ACCESS MCLE Co-Founder Atty. Ma. Louella M. Aranas. “We aim to make them see MCLE as a chance to learn something new, thus ACCESS MCLE curates its courses to cover issues that are not usually tackled but are undoubtedly interesting. We want to challenge our learners’ minds and open enriching conversations.”

Being the leader in its field, ACCESS MCLE offers two options for learners who are signing up for MCLE — Online On-Demand and Flexible-Synchronous MCLE.

On-Demand vs. Flexi-Synch

The revolutionary Online On-Demand format allows learners to complete pre-recorded lectures at their most convenient time. ACCESS MCLE has made sure that all on-demand lectures are presented in high-quality materials with clear and crisp videos plus other learning aids for better appreciation and higher effectiveness.

On the other hand, Flexible-Synchronous or Flexi-Synch MCLE facilitates an online classroom setup that is made more convenient particularly for learners with very hectic schedules. That is because courses are facilitated in specified dates monthly and throughout the year. Thus, if a learner misses a session, he/she just needs to log in at the specified day and time on the succeeding month/s.

“We currently have a good balance between On-Demand and Flexi-Synch for ACCESS MCLE learners. I noticed that many practitioners enroll in Flexi-Synch due to unfamiliarity with the mechanics of On-Demand learning, which is really just like watching a movie or series on Netflix. Enroll and register with ACCESS and then choose from our wide selection of courses,” Atty. Aranas said.

Thus, taking On-Demand MCLE at ACCESS MCLE could be integrated into a learner’s daily habits. “That is why we recommend ACCESS On-Demand MCLE to busy learners as there is no schedule, time, or place to do it. Convenience is the only consideration. Moreover, our On-Demand courses are designed not just to educate but to also be highly interactive. The topics are unique and the lecturers are the best subject matter experts,” Atty. Aranas advised.

To learn more about ACCESS MCLE and its programs, visit https://accessonline.ph/.

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Condo demand up by 33%; Pasig is Top 5 condo-seeker hotspot

December 16, 2022 | 2:40 pm

Bali-Oasis-OL — Bali Oasis is a Balinese-themed mid-rise condo community set amid open spaces and resort-style amenities along Marcos Highway, Pasig City.

The Philippine real estate industry is firmly back on its feet. Real estate consultancy and research firm Colliers saw pre-selling take-up of residential properties for the first nine months of 2022 breached full-year 2021 figures according to its Q32022 Property Market Report. “Colliers believes that residential demand should be supported by improving consumer and business sentiment in Metro Manila,” said Colliers Associate Director Joey Roi Bondoc.

This is affirmed by Lamudi’s 2Q2022 The Outlook Quarterly Report, where it cited a 33% increase in demand for condo units across the country with Pasig as one of the Top 5 hotspots in Metro Manila. “Pasig’s sustainable transport program and other initiatives undertaken in recent years to improve the city’s quality of living have enticed more and more property seekers to the city. The presence of bike infrastructure, pocket parks, and sidewalks along with various office and residential buildings contribute to its popularity among property seekers, especially as awareness surrounding the benefits of active transport increases,” cited Lamudi about Pasig in its “22 Cities to Watch in 2022” list.

Aspire by Filinvest expects its recently-unveiled Malang building within its green and sustainable mid-rise condo community Bali Oasis Phase 2 in Pasig to sufficiently address this steep climb in condo demand. “We believe that the ideal pairing of Pasig’s dynamism and urban convenience matched with Bali Oasis Phase 2’s resort-style living will resonate with property seekers looking for a refreshing and relaxing respite while being close to life’s essentials. We agree with Colliers that more investors are becoming more discerning with green and sustainable features playing a crucial role in their investment decisions, and they can find it here,” shared Filinvest Land President Tristan Las Marias.

Live Your Dream

Bali Oasis is a Balinese-inspired urban oasis located along Pasig City’s main artery, Marcos Highway. This green and sustainable mid-rise condo community that offers studio, 1-bedroom, and 2-bedroom units is set within Bali Oasis Phase 2 — a sprawling 1.7-hectare property that boasts of lush greens, resort-style amenities, and smartly-designed units. All these create the perfect backdrop for a peaceful respite from the hustle and bustle of the city. Filinvest Land, the developer behind Bali Oasis Phase 2 and the Aspire by Filinvest brand, recently unveiled the last building for the project.

“Today, we officially unveil the last building of Bali Oasis Phase 2, opening another chapter in this thriving green and sustainable community. Filinvest Land invested over P800 million for this latest addition to Bali Oasis with 303 new condo units. Bali Oasis Phase 2 opens more opportunities for Filipino families to enjoy the resort-inspired green lifestyle that this project offers,” said Filinvest Land First Vice-President, and Brand and Product Head Aven Valderrama.

Filinvest Land unveils the last building for Aspire by Filinvest’s Bali Oasis. From left to right are Dreambuilders Pro Area Manager for North Luzon Buildings Allan Moreno, Filinvest Land Senior Geographical Project Manager Olive Gelizon, Filinvest Land Vice-President and Brand and Product Head for Mid-rise Buildings Aven Valderrama, Filinvest Land Broker Sales Head for Greater Metro Manila East Ruby Rivera, and Filinvest Land In-house Sales Head for NCR Southeast Joey Berenguer III.

Go green

Bali Oasis Phase 2 was designed to be a haven for green, eco-friendly living. Its masterplan features four stylish buildings and over 60% of greens, open areas, and amenities. Residents get to enjoy the lush greeneries found generously within the development, characterized by iconic date palm trees and several pocket gardens within. The spacious and sprawling community also allows for fresh air to breeze through its common areas and within the buildings.

Choose health

Enhancing Bali Oasis Phase 2’s laid-back atmosphere are resort-inspired amenities that create countless opportunities for residents to relax, stay healthy, and make memories with their loved ones. Residents can enjoy an active lifestyle with a clubhouse, adult and kiddie pools, children’s play areas, fitness gym, music room, and basketball court.

Live smart

Bali Oasis Phase 2 offers smartly-designed studio, 1-bedroom, and 2-bedroom units. The studio and 1-bedroom units are suited for individuals and newlyweds who are looking forward to having their own oasis in the city while the 2-Bedroom units are fit for growing families to raise their children in. These units are prepped and ready to accommodate work-from-home, online classes, and everything remote and digital. Residents can also enjoy peace of mind with a guarded entrance, perimeter walls and 24-hour security.

With Bali Oasis Phase 2’s strategic location along Marcos Highway, home is a convenient distance from all lifestyle essentials. Prime universities Miriam College, Ateneo de Manila University, and University of the Philippines are a few kilometers away while shopping hubs, schools, hospitals and churches are nearby. With its accessibility, Bali Oasis makes an ideal home and an attractive real estate investment for people looking to tap the lucrative rental market in the area.

Dreams Built Green

Bali Oasis Phase 2’s master plan is aligned with Filinvest Land’s long-term goal of creating green and sustainable developments fit for the needs of the better normal embodied by its rallying cry “Dreams Built Green.” Bali Oasis Phase 2 is one of Filinvest Land’s over 280 projects in over 50 key areas that follow this green building principle. It is no wonder that Filinvest Land is a 10-time BCI Asia Top 10 Developers in the Philippines awardee.

For a limited time only, interested investors have a chance to win a 3D2N staycation for two at the exclusive Crimson Resort and Spa Boracay. More information can be found at https://aspirebyfilinvest.com/project/bali-oasis-2.

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Harry and Meghan’s Netflix series wraps up — but what is the effect on the royals?

December 16, 2022 | 2:25 pm

LONDON — Beyond the drama of feuding brothers and Machiavellian royal aides working with a hostile press, the key issue which arises from Prince Harry and his wife Meghan’s Netflix documentary is whether it does lasting damage to King Charles and the British monarchy.

Over six hours of television, Harry and Meghan delivered a swathe of accusations against what they portrayed as a tone-deaf institution which was unconcerned about their emotional well-being and prepared for them to suffer if it meant better media coverage for other more senior royals.

“It’s like living through a soap opera where everybody else views you as entertainment,” Harry said in one of the final episodes released on Thursday.

When the couple married in a glittering ceremony in 2018, their union was hailed as a breath of fresh air, the epitome of a modern monarchy: the then-hugely popular prince and the glamorous, biracial, American actress.

But as they recounted in graphic detail in their documentary series, that fairytale soon turned sour amid a slew of negative press coverage, some of which Harry blamed on those working for Prince William, his elder brother and now heir to the throne.

“It looked cold, but it also felt cold,” Harry said of his family’s feelings towards him at their last official engagement. In 2020, the couple decided to step back from their royal roles, moving to California and becoming financially independent.

The exit of the Duke and Duchess of Sussex was bad news for the institution, said Catherine Mayer, author of recent biography Charles: Heart of a King.

“The departure of Meghan and Harry from royal ranks has been far more damaging to the monarchy than the coverage that vilifies them understands or accepts,” she told Reuters.

“Her arrival was this source of enormous hope for people of color, and also just younger people. Her departure is seen as a failure and a betrayal, and that’s immensely damaging to the monarchy because the monarchy needs consensus to survive. It needs support to survive, and it’s losing it.”

But opinion polls suggest that may not be the case. According to a YouGov poll last week, Harry, who once topped such ratings, and Meghan are now the most unpopular royals in Britain apart from his uncle Prince Andrew, who settled a US sex abuse lawsuit in February. William and his wife Kate were the most popular, although surveys show younger people are much more ambivalent than older Britons about the monarchy in general.

The royals have been in a similar position before. In the early 1990s, the disintegration of Charles’s marriage to his first wife, Harry’s mother the late Princess Diana, was played out in the full glare of the media.

Following Diana’s public accusations against the royal household and her death in 1997, the future of the 1,000-year-old institution seemed at times uncertain. But it
bounced back to become more popular than ever, with Harry and his brother William to the fore.

According to Harry, the subsequent popularity of Meghan was seen as a problem, stealing the limelight from those “born to do this”, a less than subtle dig at his brother and father.

If Harry’s assessment that negative stories were being planted against him and Meghan is true — an accusation rejected by newspapers and aides who have spoken publicly — then the campaign could perhaps be seen as successful.

A Savanta survey found 59% of respondents in Britain said it was a bad idea for Harry and Meghan to air their documentary, with a half saying they did not trust that the show would be an accurate account of the couple’s experience.

“Personally, I don’t think that it will do lasting damage to the monarchy,” royal biographer Claudia Joseph said of the Netflix documentary.

“I think that people that are royalists will still be royalists and will see this as Meghan and Harry again throwing their toys out of the pram, and the people that are republicans will remain republicans and blame the royal family for the way they’ve treated Harry and Meghan.”

Or, as 45-year-old London local Tarek Hilal said on Thursday: “In the long run, it just won’t make a difference. Storm in a teacup.” — Reuters

ECB slows rate hikes but pledges more to keep up inflation fight

December 16, 2022 | 2:10 pm

€ symbol near the Eurotower in Frankfurt — BW FILE PHOTO

FRANKFURT — The European Central Bank (ECB) eased the pace of its interest rate hikes on Thursday but stressed significant tightening remained ahead and laid out plans to drain cash from the financial system as part of a dogged fight against runaway inflation.

After being wrong-footed by sudden price rises, the ECB has been raising rates at an unprecedented pace. Inflation has soared since economies reopened after the coronavirus disease 2019 (COVID-19) pandemic, driven by supply bottlenecks and then surging energy costs following Russia’s invasion of Ukraine.

In a move shadowing similar steps this week by the Federal Reserve and Bank of England (BoE), it raised the rate it pays on bank deposits by 50 basis points to 2%, moving further away from a decade of ultra-easy policy.

That decision, which was expected, marked a slowdown in the pace of tightening from 75-basis-point increases at each of the ECB’s two previous meetings, as price pressures show some signs of peaking and a recession looms.

But to secure a majority for that slowdown, ECB President Christine Lagarde had to offer dissenters a pledge that rates will be increased again, potentially as many as three times, by the same amount, sources told Reuters.

“Based on the information that we have available today, that predicates another 50 basis point rise at our next meeting and possibly at the one after that, and possibly thereafter,” Ms. Lagarde told a news conference following the rate announcement.

Money markets immediately moved to price in a peak deposit rate of just over 3% by July, compared to 2.75% before the meeting.

The ECB is pushing hard to persuade investors of its commitment to fighting higher prices after lagging the Fed and BoE in raising rates.

But this return to giving a specific guidance on rates puzzled some ECB-watchers because it clashed with the bank’s insistence that it will take decisions “meeting-by-meeting” and depending on data.

“There is an intrinsic contradiction here no words can resolve,” said Francesco Papadia, a former top ECB official who is now a fellow at the Bruegel think tank.

Justifying Ms. Lagarde’s pledge for more hikes, the ECB’s new projections on Thursday showed inflation above the ECB’s 2% target through 2025.

And Ms. Lagarde said inflation may still come in higher than that, citing the possibility of a bout of stronger-than-expected wage growth and of a boost to demand from government support measures across the 19 euro zone countries.

But those forecasts were disparaged as “euphemistically controversial” by none less than the ECB’s former vice-president Vitor Constancio, who doubted that inflation could remain as high as 3.4% in 2024 even as prices including oil decreased.

“The problem, though, is that these December projections commanded by national central banks (Bundesbank etc…) have a lot of non-model ‘judgement,'” the Portuguese economist said on Twitter.

The ECB also said it currently expected any recession to be “relatively short-lived and shallow” and Lagarde noted that euro unemployment levels were at “rock-bottom”.

QT COMING

The ECB also laid out plans to stop replacing maturing bonds from its 5 trillion euro ($5.31 trillion) portfolio, reversing years of asset purchases that have turned the central bank into the biggest creditor of many euro zone governments.

Under the plan, it will reduce monthly reinvestments from its Asset Purchase Program by 15 billion euros starting in March and revise the pace of balance-sheet reduction from July.

The move, which mops up liquidity from the financial system, is designed to let long-term borrowing costs rise and follows a similar step by the Fed earlier this year.

The impact was immediately felt by the euro zone’s weakest borrowers, such as the Italian government, which have come to rely on the ECB as a major buyer.

The yield on Italy’s 10-year bonds rose by 31 basis points to 4.19%, the biggest single-day change since the pandemic-induced market rout of March 2020.

“The reduction in the ECB’s balance sheet, when combined with… greater fiscal spending needs in the wake of the ongoing energy crisis, could renew upward pressure on sovereign bonds in the euro area,” Daniele Antonucci, chief economist at Quintet Private Bank, said.

The ECB said it would update the market on the “the endpoint of the balance sheet normalization” by the end of 2023, indicating by how much it plans to reduce liquidity in the banking sector.

This is key for determining the cost of funding for banks and therefore the interest rates for companies and households. — Reuters

‘Go all out’: China prepares for infection spread after COVID policy U-turn

December 16, 2022 | 1:28 pm

BEIJING/SHANGHAI — China put a priority on protecting rural communities from coronavirus disease 2019 (COVID-19) on Friday as millions of city-dwellers planned holidays for the first time in years after Beijing abandoned its stringent system of lockdowns and travel curbs.

China’s move last week to start aligning with a world that has largely opened up to live with the virus, followed historic protests against President Xi Jinping’s signature ‘zero-COVID’ policies designed to stamp out COVID.

But the excitement that met this dramatic u-turn has quickly given way to concerns that China is unprepared for the wave of infections to come, even though officials have been trying to downplay the dangers posed by the less severe new COVID strain.

China reported 2,157 new symptomatic COVID-19 infections for Dec. 15 compared with 2,000 a day. The official figures, however, have become less reliable as testing has dropped. It also stopped reporting asymptomatic figures on Wednesday.

There is particular concern about China’s hinterland in the run up to China’s Lunar New Year holiday starting on Jan. 22.

Rural areas are likely to be inundated with travelers returning to their hometowns and villages, which have had little exposure to the virus during the three years since the pandemic erupted.

China’s National Health Commission on Friday said it was ramping up vaccinations, especially for the elderly, and building stocks of ventilators, essential drugs, and test kits in rural areas.

Mainland China’s international borders remain largely shut, but recent decisions to abandon testing prior to domestic travel and disable apps that tracked people’s journey history have freed up people to move around the country.

Multiple cities including the capital Beijing and those in the southwest Sichuan, central Hunan and eastern Zhejiang and Anhui provinces have also opened new vaccination sites to encourage the public to take booster shots, the state-run Global Times newspaper reported.

“Go all out” was the message from China’s state asset regulator in a statement late Thursday that urged government-owned drugmakers to ensure supplies of COVID-related medicines.

On the streets, there are increasing signs of chaos during China’s change of tack — including long queues outside fever clinics, runs on medicines and panic buying across the country.

SF Express, one of China’s largest courier services, said on its official WeChat account that it sent in workers from across the country to keep deliveries going in Beijing amid staff shortages and soaring demand.

It also said it had started a “fast track” for emergency shipments such as medicines and daily necessities, with demand in the capital 300% above normal levels in recent days.

The COVID scare in China also led people in Hong Kong, Macau and in some neighborhoods in Australia to go in search for fever medicines and test kits for family and friends on the mainland.

‘TRANSITIONAL PAIN’
For all its efforts to quell the virus since it erupted in the central city of Wuhan in late 2019, China may now pay a price for shielding a population that lacks “herd immunity” and has low vaccination rates among the elderly, analysts said.

That has dented the prospects for any near-term rebound in growth, even if the opening up should eventually revive the world’s second largest economy.

JP Morgan on Friday revised down its expectations for China’s 2022 growth to 2.8%, which is well below China’s official target of 5.5% and would mark one of China’s worst performances in almost half a century.

China is bracing for “a transitional pain period”, analysts at the bank said, adding they expected infections to spike in the months after the Lunar New Year holidays before the economy starts to recover in the middle of 2023.

Investors are also waiting to hear about government plans to revive the ailing economy.

President Xi, his ruling Politburo and senior government officials are holding their annual Central Economic Work Conference this week, according to three sources with direct knowledge of the matter.

State media, however, have been unusually silent about the meeting and Bloomberg reported earlier this week that the start of the conference had been delayed due to surging infections in Beijing. — Reuters

BPI makes banking easy with digitalization initiatives

December 16, 2022 | 11:18 am

The COVID-19 pandemic has prompted many Filipinos to shift to digital. Mobile and online platforms have helped users bank, pay bills, and shop, among others, while in the safety and comfort of their own homes.

“The pandemic accelerated the shift to use technologies like mobile banking apps to transact even at home,” said Fitzgerald Chee, Bank of the Philippine Islands (BPI) head of Consumer Platforms, during the recent BusinessWorld Economic Forum. “We see much potential and opportunities in the payments and general banking space, especially now that people are more open to embrace the use of online platforms.”

In 2017, 23% of Filipino adults had bank accounts. By 2021, the number had jumped to 53%. Contributing to that were the efforts of financial institutions such as BPI to reinforce digitalization and harness open banking to make financial transactions easier, more intuitive and empowering. Committed to promote financial inclusion in the country, BPI is determined to make banking products and services more accessible to more people.

Fitzgerald Chee, Bank of the Philippine Islands (BPI) Head of Consumer Platforms (2nd from left), during the panel discussion on “Exploring the Digital Sphere: Embracing Technologies and Consumer Banking of the Future” at the BusinessWorld Economic Forum

Mobile and online banking

BPI’s digital platforms are certainly paving the way for greater financial inclusion and customer convenience. BPI Mobile makes banking functions available 24/7, allowing clients to get more things done in a safer and more secure way.

Also, clients can now open another deposit account via the app in minutes. Plus, they can set their debit card control limits, view bank statements, and enroll third-party app accounts for easier fund transfers.

BPI’s development of a formidable roster of open banking partners empowers clients to enjoy convenient and secure seamless transactions for e-wallets, popular e-commerce and delivery apps, prepaid phone services, prepaid utilities, prepaid transportation, government payments, insurance payments, donations, and many more.

The Mobile Key feature also provides extra security to clients, allowing them to verify their online banking transactions through biometrics or nominated PIN code. This enables easy verification and quick transaction since there is no need to wait for an SMS OTP to arrive.

“Cybersecurity is really important in a bank or any financial institution. Why? Because our business is about making sure that people’s money is safe. At BPI, we really put an emphasis on the importance of cybersecurity as we understand the implication of this not just on our business, but on our customers,” said Mr. Chee.

Employing smart and easy features is also part of BPI’s approach to foster the interest and confidence of the public in digital banking.

At the forefront of innovation

BPI has proven to be a digital trailblazer. It was the first bank in the country to introduce an online banking platform in 1999 — four years after the internet became available in the country — and a mobile app in 2009.

In the last decade, BPI Mobile has been streamlined and optimized to handle more users.

In 2022, more than 60% of BPI’s clients are enrolled in the BPI Mobile app. The Bank has seen the sustained utilization of the platform as most banking transactions are still done digitally even as more branches have reopened.

As digital banking continues to gain ground, BPI will continue to build on its capabilities to further elevate the banking experience of Filipinos.

“We’ve been looking at different technologies out there, a wide-range of possibilities and opportunities that can definitely bring impact to each of us in the future,” Mr. Chee said.

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